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Not All 0 APR Credit Cards Are Created Equal

It seems everywhere we look today we're seeing 0% APR credit card offers. What an amazing concept it would be to have a credit card that charges 0% interest. If you're new to the wonderful world of credit cards, you probably think if you've seen one 0% APR offer, you've seen them all. However, you'll soon learn that they can be quite different.

Credit cards with 0% APR offers are now being offered by many credit card companies as a way to entice new customers into choosing their cards in a world of uncertain economy. Many customers jump on these 0% interest credit cards, often without reading the fine print and the terms and conditions that come with the credit card offers. As a result, they're not always getting the best possible card even if the offer does state 0% APR. As we stated, not all 0% APR offers are created equal. While one credit card may feature 0% interest for an introductory period of 3 months followed by a much higher 18% APR, another may feature 0% interest for 12 months followed by a 9% APR. These are one of the many features consumers need to consider when deciding on which 0% APR offers to choose. At the time you get your credit card, you may not be thinking in terms of the type of APR you'll be paying after the introductory period but If you carry a large balance on your credit card, you're going to want as low of an APR as possible.

Fees are something else you need to consider with 0% APR offers as they can eat up a lot of your monthly payment if you're not careful. Many credit cards charge an annual fee while others may not. Although no one wants to pay an annual fee, sometimes a low APR credit card with an annual fee will save you more money than a high APR credit card with no annual fee. Some of the 0% APR offers may charge a high late fee as well as over the limit fee. Both of these can almost eliminate your monthly payment if you're paying the minimum amount due and are not paying on time. Check all of these features before choosing a 0% interest credit card. Other bonus features such as cash back, rebates and bonus points can also make these 0% interest credit cards very attractive.